Today OPEC+ is expected to consider a cut in oil production of up to 1 million to 2 million barrels a day — an amount that could drive oil and gas prices back up after weeks of falling.
. A supply cut could also exacerbate tensions between Saudi Arabia and the U.S., where President Biden has been trying to rein in prices at the gas pump ahead of the midterm elections.
during the spring but began to tail off over concerns about a slowing global economy. They fell to less than $90 a barrel in September. "OPEC is trying to shock and awe with a big production cut number that is going to get people's attention," he says."And they're trying to support prices to keep them from falling further."
President Biden and Saudi Crown Prince Mohammed bin Salman attend the Gulf Cooperation Council on July 16 in Jeddah, Saudi Arabia.President Biden and Saudi Crown Prince Mohammed bin Salman attend the Gulf Cooperation Council on July 16 in Jeddah, Saudi Arabia."It seems clear that this is not the outcome that Biden wanted when he went over to Saudi Arabia looking for more oil," says Jacques Rousseau, managing director of ClearView Energy Partners.
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